Bridge Loan : This kind of advance helps account the new home of the borrower when he needs to sell the current house, this is typically a momentary advance to the borrower and aides during the break time frame when he needs to sell the old house and needs to purchase another one, It is given till the time a purchaser is found for the old house.
Home Construction Loan :This sort of credit taken when the borrower needs to build another house.
Land Purchase Loan : It is that advance which is taken to buy a land for development and speculation purposes.
Following are eligible to apply for a Home Loan :
Self employed professionals/businessmen
You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants
The income that we get in hand on month to month bases is said as Monthly Income. While taking a Home Loan the Bank initially calculate on the bases of net income that is left in our hand after deduction of all other emi’s. The Bank initially calculates on the bases of net income that is left in our hand after deduction of all other emi’s.
Other Emi (Equally monthly installment) is the emi that we are paying to for any other Loan.
The income that is left in our hand after deduction of any emi amount that we are paying for any kind of loan. Your Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying.
It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgement. Interest Rate (in percentage) Today there are many lenders in the market.Indexia Finance Home Loan Every bank is offering loans whether it’s a nationalised bank, private bank or foreign bank, each of them is there in the show. Every bank offers different rate of interest according to the profile of the customer. Before finalising a deal one should consider deals from various banks and than come to a conclusion. Be aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail with the banks and do better comparison in respect of EMI, Tenure and Interest Rates and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.
EMI stands for equally monthly instalment: You need to pay a particular amount for the Home loan that you have taken. Eligible Loan Amount: The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount. The loan amount that a Bank can sanction to you.
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Generally the documents required to processing your loan application are almost similar across all the banks. However they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application.
Passport size photograph of the applicant & co-applicant
PAN card copy of the applicant & co-applicant
Adhar card copy of the applicant & co-applicant
Current address proof of the applicant & co-applicant
Income proof of the applicant & co-applicant
Last 12 months bank statement of the applicant & 6 months bank statement of the co-applicant
Copies of pay slips for last 6 months and TDS certificate
Employment certificate from the employer
Latest 2 years Form 16 issued by employer
Copy of partnership deed if it is a partnership firm or copy of MOA and AOA if it is a company or Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC) if it is a proprietorship firm
Copy of audited financial statements for the last 3 years
Profit and loss account for the last 3 years
Income tax assessment order
Company current address proof
GST certificate of the Company
All existing loan sanction letter if any.
Repayment schedule of existing EMI if any.
Agreement copy / booking slip / E-bill, OC & share certificate of the property which is going to buy.